The need for a personal loan, especially during a period of unemployment , is the most common in the personal loan landscape. However, this requirement often clashes with the element sought by those who offer loans and loans, ie the presence of a guarantee .
Personal loans for unemployed: what guarantees?
If the guarantee most demanded by those who issue loans is that of a paycheck or a certain income as a pension , it is easy to understand how the unemployment situation can lead to difficulties in obtaining a personal loan. However, personal loans for the unemployed show that in fact obtaining funding is not impossible, provided that we can provide a guarantee of a different type with respect to the salary. The type of guarantee most requested is usually the presence of a guarantor , ie a person other than the applicant who is able to take care of any difficulties in paying the installments of those who have signed the loan.
In the absence of a guarantor, however, different solutions are proposed that vary depending on the financial institution or credit institution that issues the personal loan for the unemployed. Even if not frequently used, in some cases the guarantee required is the signing of bills (exchange guarantee). Some realities that grant credits to this solution prefer the use of a property to guarantee the loan, especially for large amounts or extended repayment periods. Other situations are the constraints on the possible treatment of termination or on life insurance policies already stipulated. In this case, however, it is usually required that the life insurance policy be earlier than a fixed period with respect to the request for a personal loan for the unemployed.
Personal loans for unemployed people without guarantees
A separate discussion deserves personal loans for unemployed people unable to provide a guarantee. Although present, we must point out that this type of personal loan is a minority compared to personal loans, although in some cases there is the possibility of access to low-interest personal loans specially designed for those who must face a period of unemployment. In case of absence of guarantees, or in any case in the event that the unemployment periods follow one another (as happens for example for those who are employed with atypical , occasional or short-term contracts), some financial companies offer insurance linked to personal loans, stipulated to cover any periods of unemployment. In this way both the underwriter and the issuer of the credit have the possibility to protect themselves in the event that the person requesting the loan is unable to meet the subscribed installments.
Periodically, also at the level of local authorities , loans are offered dedicated to the unemployed who reside in a given territory. It would be impossible to consider this type of personal loan here because the conditions and proposals are constantly changing. However, in the event of unemployment it is good to consider this possibility, not to neglect any road for obtaining personal loans.
How to find the loan for unemployed cheaper
From what has been said up to here we understand how the panorama of personal loans for the unemployed, online and through traditional channels, is very varied. As often happens every loan has different characteristics, which vary depending on the company that provides the loan itself and the proposed product . For this reason, a useful tool for identifying the loan for the unemployed is the use of a comparator , the tool that can compare many loans dedicated, selected according to the characteristics and needs of the applicant. Of course, this is not only valid for loans for the unemployed, but also for any other profile, such as retirees , housewives , employees or bad payers .